The digital Yuan a means to dominate
If you do not live in China as I do, surely what you know you have heard, seen, or read through social networks. In the first instance, you will say, "It is the digital version of the fiat currency that China plans to finally launch next year."
In this sense, based on the experience with the handling of cryptocurrencies, anyone deduces that the digital Yuan is the proposal of the Central Bank that aims to remove cryptocurrencies, especially Bitcoin, from the game.
It is also well known that the largest mining farms for BTC are in China. There was a recent disaster on one of these huge farms; I find it suspicious. Perhaps, the event is a way to test the effects and reaction in the cryptocurrency and crypto-asset markets with the interruption in the generation of new blocks. Reasonable speculation if you assume the stakes.
China in monetary matters has always been a pioneer, and it seems that this time it will be no exception. However, the Chinese governance model is not decentralized, nor does it aspire to a peer-to-peer relationship without an intermediary for the people.
In addition, based on the information that transcends the Asian giant, the digital Yuan is part of the total control scaffolding, a combination controlled by Artificial Intelligence to manage social credit.
While cryptocurrencies seek, as a means of commerce, to give the individual greater freedom. The central banks' digital currency, among which the digital Yuan is at the forefront, seek to consolidate the total control of the State over the individual. A citizen molded to the system, where the monetary model is the ultimate weapon, you will not be able to buy and sell without being regulated by a supposedly superior entity.
I wonder, is there a way to overcome the threat to freedom?
I don't know, but I hope that cryptographic projects within Blockchain technology continue to advance. It seems that time is against it, but the race is not over yet, and anything can happen.
An original article by Jnavedan
